Chinese consumer electronics phenomenon Xiaomi has seen explosive growth in their first four years. Having been founded in 2010 they have made a name for themselves by setting sales records with their shopping frenzies.
Now to continue the extraordinary growth that captured 7% of the Chinese market Xiaomi is going global, spreading their corporate wings. With 10 international markets in their sights and a brand new website China’s latest export may just shake up the status quo, just a little bit at least.
Xiaomi knows how to generate a shopping frenzy; recently they sold out 200,000 MI3 phones in 86 seconds during one of their shopping frenzy events.
Spearheading Xiaomi’s international push are the $129 RedMi and the $330 MI3. The MI3 is as powerful as any top end phone while keeping the value price tag. The Tegra 4 Quad core CPU, 5 inch HD LCD and 2GB of RAM make the MI3 a potent little powerhouse, theMI3 was actually the first device to use the NVidia Tegra 4 chipset.
Handsets are still their bread and butter though, and they do it well. Owning 7% of the Chinese phone market ads up to sales of nearly 20 million handsets a year. This year Xiaomi has set itself the challenge of selling 40 million phones, hence the international push.
The first 10 countries to see Xiaomi handsets will be India, Brazil, Russia, Malaysia, Indonesia, Thailand, Vietnam, Turkey, Mexico and the Philippines. Xiaomi already directly sells into China, Singapore, Hong Kong and Taiwan.
This may just be the beginning of a worldwide invasion and brand building exercise. This week Xiaomi ripped out the credit card and spent $3.6million on the domain mi.com, the most expensive domain purchases this year and a good indicator of the worldwide branding for the company.
Xiaomi is a company to keep an eye on; phones that will give the Google Nexus a run for its money at bargain basement prices. But can they compete on a worldwide scale against the big players? Could they produce the world’s next must have mega phone?